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MISMO announced the release of an eMortgage Technology Certification program to assist lenders in finding products that comply with industry standards. MISMO sets the standards for the real estate finance industry, and this effort is meant to support the mortgage industry’s adoption of digital solutions, including eClosing transactions.
Through this certification program, lenders, settlement agents, and consumers will be able to affirm that the platform can provide a seamless eClosing transaction without friction between the parties involved.
The eMortgage Technology Certification program is a remote online notarization (RON) certification that allows companies to demonstrate compliance with MISMO RON standards. More than 13 companies have completed the certification in the past year.
The most recent offering in the certification program is focused on eClosing systems. The program promotes the integrity and scalability of the system by:
1. Verifying the presentation of electronic records for eSignature
2. Allowing for signer's consent to the electronic signature process
3. Supporting the verification of the signer's identity utilizing a multi-factor authentication process
4. Confirming the content and integrity of the audit trails for the eClosing transaction
"This offering fills an industry need as lenders are updating their digital stacks and looking to differentiate among available products and ensure interoperability and compliance with MISMO standards,” said Seth Appleton, president of MISMO. "The clarity and transparency of this certification program offer lenders a level of assurance that the eMortgage products they are selecting comply with MISMO industry standards."
This resource is part of MISMO’s Software Certification program that evaluates how the software or tool uses MISMO standards and completes data transmissions, interfaces, or reports.